1/22/2010 @ 12:10PM

Morgan Stanley Shakes Wealth Management

Morgan Stanley
, which posted a major gain in wealth management revenue, has realigned its Private Wealth Management division, according to an internal memo.

A bank spokeswoman on Friday declined to provide the memo reviewed by Dow Jones Newswires, but confirmed that the report was accurate.

Charles Johnston, president of
Morgan Stanley
Smith Barney, announced the “organization realignment” for Private Wealth Management in a memo Wednesday to all employees of the joint venture.

Under the new structure U.S. Wealth Management Chief Andy Saperstein will also lead the bank’s U.S. ultra-high-net-worth business. Michael Armstrong will head international PWM and oversee the Morgan Stanley Smith Barney markets group. Armstrong previously led PWM, working closely with Saperstein. Both will report to Johnston.

Johnston said the moves will help the firm “strengthen the partnership in the U.S. between PWM and our broader wealth management business and launch a focused growth initiative in key international markets.”

In its fourth-quarter-earnings report released Wednesday, the bank said its Smith Barney joint venture more than doubled the revenue from its global wealth management operations to $3.1 billion.

In November Morgan Stanley plucked six executives from
UBS
AG for its Latin American private wealth management unit. The New York-based team was appointed to serve ultra-high-net-worth families in Latin America, with a focus on Venezuela, Chile, Colombia, Peru, Bolivia and Mexico.